News Release

October 08, 2015

Fannie Mae Prices $1.02 Billion Multifamily DUS REMIC (FNA 2015-M13) Under Its GeMS Program

Pete Bakel

202-752-2034

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) priced its ninth Multifamily DUS® REMIC in 2015 totaling $1.02 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on October 7, 2015.

“After a few weeks of spreads increasing, investors stepped in to show that they saw value in GeMS structures at current levels,” said Josh Seiff, Fannie Mae’s Vice President of Capital Markets and Trading.  “We had nearly 40 investors participating in the offering, including several new participants and a few that hadn’t been involved in some time.  We were able to price our 10-year A2 bonds at the tight end of the range – solid execution in a tough market.”

All classes of FNA 2015-M13 are guaranteed by Fannie Mae with respect to the full and timely payment of interest and principal. The structure details for the multi-tranche offering are in the table below:

Class

Original Face

Weighted Average Life

Coupon (%)

Coupon Type

Spread

Offered Price

ASQ1

$70,000,000

1.95

0.856

Fixed

S+10

100.00

ASQ2

$254,128,796

2.95

1.646

Fixed

S+29

101.00

X1

$324,128,796

2.29

4.084

WAC IO

Not Offered

Not Offered

A1

$72,495,266

5.46

2.353

Fixed

S+65

101.00

A2FL

$200,000,000

9.60

0.866

Float / IRC

L+67

100.00

A2

$420,856,164

9.60

2.800

WAC

S+81

99.40

X2

$72,495,266

5.44

0.447

WAC IO

Not Offered

Not Offered

Total

$1,017,480,226

 

 

 

 

 

 

Group 1 Collateral

UPB $324,128,796
Collateral 106 Fannie Mae DUS MBS
Geographic Distribution NY (18.1%), CA (16.8%), TX (9.4%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.33x
Weighted Average
Loan-to-Value (LTV)
62.3%

 

Group 2 Collateral

UPB $693,351,430
Collateral 46 Fannie Mae DUS MBS
Geographic Distribution CA (36.8%), LA (12.9%), DE (9.0%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.79x
Weighted Average
Loan-to-Value (LTV)
66.9%

 

Settlement Date October 30, 2015
Lead Manager Deutsche Bank Securities
Co-Managers Barclays
Morgan Stanley
Amherst Pierpont Securities
Mischler Financial Group

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2015-M13) available on the Fannie Mae GeMS Archive page on www.fanniemae.com.

 

Certain statements in this release may be considered forward-looking statements within the meaning of federal securities laws. In addition, not all securities will have the characteristics discussed in this release. Before investing in any Fannie Mae issued security, you should read the prospectus and prospectus supplement pursuant to which such security is offered. You should also read our most current Annual Report on Form 10-K and our reports on Form 10-Q and Form 8-K filed with the U.S. Securities and Exchange Commission ("SEC") available on the Investor Relations page of our Web site at www.fanniemae.com and on the SEC's Web site at www.sec.gov.

Fannie Mae enables people to buy, refinance, or rent homes.

Visit us at: http://www.fanniemae.com/progress.

Follow us on Twitter: http://twitter.com/FannieMae.